4:00am: A team source tells Nick Cafardo of the Boston Globe that the Red Sox will make an attempt on Bailey (Twitter link).
Bailey, 27, is a logical target for the BoSox who lost Jonathan Papelbon to free agency very early this offseason. The Red Sox haven't hidden their interest in acquiring a closer. One report stated that it was their second priority behind David Ortiz, and they've been linked to Ryan Madson multiple times. It also appears that top setup man Daniel Bard is comfortable transitioning to the rotation should new GM Ben Cherington acquire a closer.
Bailey, who posted a 3.24 ERA and 8.9 K/9 with 24 saves in 41 2/3 innings this season, has also drawn interest from the Padres, Angels, and Rangers.